About Market Square Place
Why Market Square Place?
Market Square Place is a remarkable transformation of seven buildings in Pittsburgh’s historic core. Before the project commenced, only one tenant space was occupied, and the streetscape gave the impression of neglect. The structures, owned by the Urban Redevelopment Authority, are contiguous, but they vary greatly in age, style, floor heigh, and construction type, creating potential challenges for design and leasing. With this in mind, the project team’s objectives centered on joining the buildings together into one viable project, revitalizing the overall block by reconnecting with its history, and fostering a vibrant mix of tenants. The public had persistently opposed other developers’ proposals to demolish and rebuild on this .82-acre site. Countering with a preservation-oriented plan, Millcraft and Strada secured public support, and Millcraft compiled an extensive financing package for the project with seven funding sources, including New Market and Historic Tax credits. Strada’s completed design provides 32,000 s.f. of retail, a 30,000 s.f. YMCA fitness center, 46 rental apartments, and parking, and as of August 2011 Market Square Place was fully leased.